The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) went on a rollercoaster ride today, finally managing to gain 0.6% and close at 5,197.90. Among the majors, oil & gas and mining companies led the way.
By sectors, energy led the way, soaring 6.7%, thanks to soaring oil prices.
These 5 saw their share prices plunge…
Pact Group Holdings Ltd (ASX: PGH) share price slumped 5.7% to $4.66, despite no announcement from the packaging products company. The company's share price has risen quite dramatically in the past few days, so perhaps it was traders taking some profits. For long-term investors, Pact Group is expected to generate around 10% profit growth in 2015-16, and appears expensive at current prices.
Austal Limited (ASX: ASB) saw its share price fall 4.9% to $2.15. Austal is Australia's major listed ship builder – with several contracts for the US Navy as well as Australia's Navy and a healthy order book of around $3 billion. Share have jumped more than 42% since the beginning of the year and profit taking might be the clue investors need as to why the share price fell today. We covered Austal in more detail back in August here.
Platinum Asset Management Limited's (ASX: PTM) share price dropped 4.8% to $6.72. The fund manager mainly invests offshore, including around $7 billion in Chinese companies. Fears are rising that China's growth could be much lower than the official forecasts – which could be detrimental to Platinum's performance. Recent internal research suggests 44% of consumer companies listed in Shanghai saw sales fall in the latest year.
BlueScope Steel Limited (ASX: BSL) saw its share price hammered 3.9% to $3.70 despite no announcements from the steel producer. Oddly, Bluescope could be one of the big winners from the Trans-Pacific Partnership (TPP) signed with 11 other countries including the US, Japan and Mexico. According to the Department of Trade, the TPP will eliminate or significantly reduce tariffs on iron and steel products. Maybe investors see that as a risk.
Qantas Airways Limited (ASX: QAN) share price dropped 3.6% to $3.72, with rising oil prices the likely culprit today. Qantas shares have soared on the back of a halving of oil prices, which boosted earnings by close to $600 million last financial year. While the airline hedges most of its oil purchases, it still remains one of the largest expenses the airline faces. Last financial year, Qantas spend close to $4 billion on fuel alone.
